ZachEY Posted July 9, 2014 Share Posted July 9, 2014 $800+ per square foot... That is all. In the market, not bought yet. Link to comment Share on other sites More sharing options...
Lizard King Posted July 10, 2014 Author Share Posted July 10, 2014 $800+ per square foot... That is all. In the market, not bought yet. Buying a studio? Link to comment Share on other sites More sharing options...
CTM Posted July 10, 2014 Share Posted July 10, 2014 $800+ per square foot... That is all. In the market, not bought yet. In the city? Come to Jersey! Link to comment Share on other sites More sharing options...
Thor99 Posted July 10, 2014 Share Posted July 10, 2014 $800+ per square foot... That is all. In the market, not bought yet. Too bad you turned down that sweet GA money. BTW, bought my house last year under $100 sf, and my taxes were under $1k. Link to comment Share on other sites More sharing options...
ZachEY Posted July 10, 2014 Share Posted July 10, 2014 Buying a studio? Ha... 1 bedroom, possibly a junior four if we can find one we can afford and that is in livable condition. In the city? Come to Jersey! Of course in the city. Jersey is a few years out for us. Still enjoying the lifestyle and my wife works in Jersey and my residency starts in September just across the East River, so it's difficult geographically. Anyway, where we'd live in Jersey, our housing costs wouldn't be all that different. Much more for the money, sure, but what you save in square footage cost, you more than make up for in property taxes. I think my parents pay 14K for a condo + 500/mo maintenance right now in an alright town. We'd save in other places obviously, but until offspring, we're gonna stay put. Truth is, it's all monopoly money anyway, because barring another 9/11, I'll get back every dollar I put into NYC real estate whenever we leave. So the only risk is being very temporarily house poor. Too bad you turned down that sweet GA money. BTW, bought my house last year under $100 sf, and my taxes were under $1k. If I stayed in the industry, in all likelihood, based on the people I worked with, I'd be on all those Amish shows now. And, do you live in Kabul? Link to comment Share on other sites More sharing options...
Lizard King Posted July 10, 2014 Author Share Posted July 10, 2014 Ha... 1 bedroom, possibly a junior four if we can find one we can afford and that is in livable condition. Of course in the city. Jersey is a few years out for us. Still enjoying the lifestyle and my wife works in Jersey and my residency starts in September just across the East River, so it's difficult geographically. Anyway, where we'd live in Jersey, our housing costs wouldn't be all that different. Much more for the money, sure, but what you save in square footage cost, you more than make up for in property taxes. I think my parents pay 14K for a condo + 500/mo maintenance right now in an alright town. We'd save in other places obviously, but until offspring, we're gonna stay put. Truth is, it's all monopoly money anyway, because barring another 9/11, I'll get back every dollar I put into NYC real estate whenever we leave. So the only risk is being very temporarily house poor. If I stayed in the industry, in all likelihood, based on the people I worked with, I'd be on all those Amish shows now. And, do you live in Kabul? Nice... For lots of reasons, I'm inclined to agree that NY real estate is safer than other properties. My only advice is buy the best location you can afford. All price ranges under $1 million are struggling now,, & then the $1mm+ is up 4% this quarter. There are reasons why which we don't have to get into here. The point is that if you can get on the corner of coming up & established, your probably going to catch that wave. Our recent purchase is similar to your parents, my taxes are around 8k and the association fees are $600. Truth is, i probably will break even at best. I've got a baby coming, I live and work in Jersey, and grew up here. The chick i bought it from lost at least 100k between taxes, fees, and work added- not even including interest which probably cost her another 50-75 easy. We paid her 10k more than she bought it for, 10 years ago, and by the way that she was stealing garage door remotes/supposedly watching my wife from her car down the block last week, she clearly was leaving with a sour taste in her mouth. Just remember it's all in the beholder, if you can afford to keep it forever, do it, as this will create sustainable wealth for you as a rental, which is the rule of thumb for anyone you'll ever ask who didn't hold on (your income in 20 years will be so much more than it is now that it'll seem reasonable by then); and if not, don't upgrade to the point where you cost-base yourself into getting reamed in the corn hole like the miserable c*nt I bought mine from. Good luck! Link to comment Share on other sites More sharing options...
Lizard King Posted July 10, 2014 Author Share Posted July 10, 2014 In the city? Come to Jersey! I thought you were down South in the Carolinas? Link to comment Share on other sites More sharing options...
ZachEY Posted July 10, 2014 Share Posted July 10, 2014 Nice... For lots of reasons, I'm inclined to agree that NY real estate is safer than other properties. My only advice is buy the best location you can afford. All price ranges under $1 million are struggling now,, & then the $1mm+ is up 4% this quarter. There are reasons why which we don't have to get into here. The point is that if you can get on the corner of coming up & established, your probably going to catch that wave. Our recent purchase is similar to your parents, my taxes are around 8k and the association fees are $600. Truth is, i probably will break even at best. I've got a baby coming, I live and work in Jersey, and grew up here. The chick i bought it from lost at least 100k between taxes, fees, and work added. We paid her 10k more than she bought it for, 10 years ago, and by the way that she was stealing garage door remotes/supposedly watching my wife from her car down the block last week, she clearly was leaving with a sour taste in her mouth. Just remember it's all in the beholder, if you can afford to keep it forever, do it, and if not, don't upgrade to the point where you cost-base yourself into getting reamed in the corn hole like the miserable c*nt I bought mine from. Good luck! We're looking at the upper east or the upper west. Mid-60s to mid-80s. Can't go wrong there. We'll be well under a million but there's plenty of need for those places and will continue to be. Our best bet would be to buy on 2nd avenue right now while they're still working on the subway and then sell when it's done, but we'll see. Only so many properties there and it's not like I'm the only genius with this idea. Other than that, there's not a lot of "up-and-coming" in these areas, it's all "up-and-came" already. I'd be happy to basically break even in a couple years and call not spending 3600/mo in rent a win. My parents place is valued at quite a bit less now than when they bought it, but it's really not an issue considering I'm sure I'll be the one selling that place in 25 years (hopefully more) time. We probably can't keep the place forever, and that's why Manhattan is more appealing in the turnover market. I very much doubt we can dump the kind of down payment you need into it and then recapitalize in 3-4 years to buy the home in the suburbs. And we won't do any absurd upgrades, at most we'll get a place that needs a new floor, bathroom, and kitchen, and those should be stable for resale. Link to comment Share on other sites More sharing options...
Lizard King Posted July 10, 2014 Author Share Posted July 10, 2014 We're looking at the upper east or the upper west. Mid-60s to mid-80s. Can't go wrong there. We'll be well under a million but there's plenty of need for those places and will continue to be. Our best bet would be to buy on 2nd avenue right now while they're still working on the subway and then sell when it's done, but we'll see. Only so many properties there and it's not like I'm the only genius with this idea. Other than that, there's not a lot of "up-and-coming" in these areas, it's all "up-and-came" already. I'd be happy to basically break even in a couple years and call not spending 3600/mo in rent a win. My parents place is valued at quite a bit less now than when they bought it, but it's really not an issue considering I'm sure I'll be the one selling that place in 25 years (hopefully more) time. We probably can't keep the place forever, and that's why Manhattan is more appealing in the turnover market. I very much doubt we can dump the kind of down payment you need into it and then recapitalize in 3-4 years to buy the home in the suburbs. And we won't do any absurd upgrades, at most we'll get a place that needs a new floor, bathroom, and kitchen, and those should be stable for resale. Totally agree on second avenue. Also, consider Washington Heights. You can get all the way downtown via the A train in 45 minutes. Check this link: http://nypost.com/2014/06/18/4-nyc-neighborhoods-boasting-rentals-for-less-than-2k-a-month/ Link to comment Share on other sites More sharing options...
ZachEY Posted July 10, 2014 Share Posted July 10, 2014 Totally agree on second avenue. Also, consider Washington Heights. You can get all the way downtown via the A train in 45 minutes. Check this link: http://nypost.com/2014/06/18/4-nyc-neighborhoods-boasting-rentals-for-less-than-2k-a-month/ We're not really considering outside of the area we mentioned, unless we got a great deal downtown. I have a friend that lives in Inwood, and loves it, but my wife would never go for it, and we'd both just as soon move to the suburbs if we're going to leave our general vicinity now (we rent on the UES). Link to comment Share on other sites More sharing options...
Matt39 Posted July 10, 2014 Share Posted July 10, 2014 Well, I'm taking the plunge and moving south. Link to comment Share on other sites More sharing options...
Lizard King Posted July 10, 2014 Author Share Posted July 10, 2014 We're not really considering outside of the area we mentioned, unless we got a great deal downtown. I have a friend that lives in Inwood, and loves it, but my wife would never go for it, and we'd both just as soon move to the suburbs if we're going to leave our general vicinity now (we rent on the UES). I hear that. Tried to get my wife to see the potential in downtown Jersey City as a buy to eventually rent out, and she wanted nothing of it. Oh and idk what you mean by Downtown, as I work in financial district for 2 more days, but it's crowded and miserable down here and personally, think transportation is good if not better, midtown to upper. Link to comment Share on other sites More sharing options...
ZachEY Posted July 10, 2014 Share Posted July 10, 2014 I hear that. Tried to get my wife to see the potential in downtown Jersey City as a buy to eventually rent out, and she wanted nothing of it. Oh and idk what you mean by Downtown, as I work in financial district for 2 more days, but it's crowded and miserable down here and personally, think transportation is good if not better, midtown to upper. Not that far down, west village area. I said the same thing with regard to Jersey City. There are some great luxury buildings, but once you go outside of that radius, it's still not all that safe. Link to comment Share on other sites More sharing options...
ZachEY Posted July 10, 2014 Share Posted July 10, 2014 Well, I'm taking the plunge and moving south. Florida, or real south? Link to comment Share on other sites More sharing options...
Lizard King Posted July 10, 2014 Author Share Posted July 10, 2014 Not that far down, west village area. I said the same thing with regard to Jersey City. There are some great luxury buildings, but once you go outside of that radius, it's still not all that safe. I wouldn't raise a family in downtown JC, but in the last 5 years the change there has been remarkable. I know some RE Developers down there, and there is serious money flowing in, not just in housing but also corporate offices and retail. It's got a momentum that's not going to slow down for a long time. NYC and Brooklyn has finally hit the saturation point and instead of moving to Washington Heights, folks are moving across the river. Link to comment Share on other sites More sharing options...
jgb Posted July 10, 2014 Share Posted July 10, 2014 my wife is convinced our house is haunted--the previous owner died there. there is a freaky painting of a gypsy playing music from a flute for a bunch of children ala the pied piper hanging in the laundry room. my wife is certain if we ever take that creepy thing down the ghost of the former owner will come and steal our children away in the night. does that count as a horror story? Link to comment Share on other sites More sharing options...
#27TheDominator Posted July 10, 2014 Share Posted July 10, 2014 Florida, or real south? I was hoping he meant downtown. Link to comment Share on other sites More sharing options...
SouthernJet Posted July 10, 2014 Share Posted July 10, 2014 I have convinced my wife there is a ghost in our house that emits foul odors when they enter that room. So far she has bought it Link to comment Share on other sites More sharing options...
Matt39 Posted July 10, 2014 Share Posted July 10, 2014 Florida, or real south? Ha. Florida. Link to comment Share on other sites More sharing options...
#27TheDominator Posted July 10, 2014 Share Posted July 10, 2014 Ha. Florida. I know three different people that moved down there int he last few years, because they had jobs set up and the housing was so "awesome" and "cheap" Two are already back after crying poverty because the jobs they had dried up and never paid enough to even cover their minimal expenses. These were not the sharpest tools in the shed, but still... Link to comment Share on other sites More sharing options...
Matt39 Posted July 10, 2014 Share Posted July 10, 2014 I know three different people that moved down there int he last few years, because they had jobs set up and the housing was so "awesome" and "cheap" Two are already back after crying poverty because the jobs they had dried up and never paid enough to even cover their minimal expenses. These were not the sharpest tools in the shed, but still... Go get em Matt! Link to comment Share on other sites More sharing options...
ZachEY Posted July 10, 2014 Share Posted July 10, 2014 Ha. Florida. Please tell me Jacksonville... Link to comment Share on other sites More sharing options...
SouthernJet Posted July 10, 2014 Share Posted July 10, 2014 Please tell me Jacksonville... Key West, he is gonna run a Hookah Bar Link to comment Share on other sites More sharing options...
Matt39 Posted July 10, 2014 Share Posted July 10, 2014 Please tell me Jacksonville... Nah, closer to Tampa. Link to comment Share on other sites More sharing options...
ZachEY Posted July 10, 2014 Share Posted July 10, 2014 Nah, closer to Tampa. I think DefenseWinsChampionships is from down there. You should look him up. Link to comment Share on other sites More sharing options...
Matt39 Posted July 10, 2014 Share Posted July 10, 2014 I think DefenseWinsChampionships is from down there. You should look him up. Is that how he's listed? Link to comment Share on other sites More sharing options...
JoeC36 Posted July 10, 2014 Share Posted July 10, 2014 Is that how he's listed? Try Philly Stackz Link to comment Share on other sites More sharing options...
ZachEY Posted July 10, 2014 Share Posted July 10, 2014 Is that how he's listed? I get the impression if you looked hard enough, you'd find him. Link to comment Share on other sites More sharing options...
CTM Posted July 11, 2014 Share Posted July 11, 2014 Our recent purchase is similar to your parents, my taxes are around 8k and the association fees are $600. Truth is, i probably will break even at best. I've got a baby coming, I live and work in Jersey, and grew up here. The chick i bought it from lost at least 100k between taxes, fees, and work added- not even including interest which probably cost her another 50-75 easy. We paid her 10k more than she bought it for, 10 years ago, and by the way that she was stealing garage door remotes/supposedly watching my wife from her car down the block last week, she clearly was leaving with a sour taste in her mouth. Tell her to wipe Crushers ass with her toilet paper. Seriously, big ******* deal.. 10k more then she bought it for? I wish I bought my house in 2007, I just refinanced and the appraisal came back almost exactly for what my current mortgage is. Meaning I lost the 20% i put down + 7 years worth of interest, which combined is well over 300k... and now... in order to get a lower interest rate, I have to put another 20% down to avoid PMI. I should have 25-30% equity in my house and I have squat, and now I have to put a another 20% of current value down. Someitmes I think I'd have been better off just stop paying my mortgage 3 years ago. The guy who runs the landscaping company I use hasn't paid his mortage in 3-4 years! And the bank if now offering him a discounted interest rate for free.It doesn't pay to do the right thing, it really doesn't Link to comment Share on other sites More sharing options...
Lizard King Posted July 11, 2014 Author Share Posted July 11, 2014 Tell her to wipe Crushers ass with her toilet paper. Seriously, big ******* deal.. 10k more then she bought it for? I wish I bought my house in 2007, I just refinanced and the appraisal came back almost exactly for what my current mortgage is. Meaning I lost the 20% i put down + 7 years worth of interest, which combined is well over 300k... and now... in order to get a lower interest rate, I have to put another 20% down to avoid PMI. I should have 25-30% equity in my house and I have squat, and now I have to put a another 20% of current value down. Someitmes I think I'd have been better off just stop paying my mortgage 3 years ago. The guy who runs the landscaping company I use hasn't paid his mortage in 3-4 years! And the bank if now offering him a discounted interest rate for free.It doesn't pay to do the right thing, it really doesn't Ouch. I always cringe when I hear about people who bought the top of the housing bubble. Truth be told I probably just did too... But like a lot of folks in 2007, with a baby on the way we are sick of renting. I truly think holding onto this place and renting it out will make sense but we'll see how things go. Guys like your landscaper make me want to scream. My mortgage process was nothing short of a colonoscopy. They actually called me for a follow up survey yesterday and wanted to know how it went, the closing experience and would I recommend to a friend. I told them, I work in investment banking and for ten years I have never once seen the Fedwire system break and yet on the day of my closing your system tanked and I couldn't get our funds into escrow. We sat around twiddling our thumbs for five hours and eventually everyone went home figuring that we were not closing that Friday. At 6 pm I got a call from my attorney that the wire was done manually- something they could've done hours earlier- and we only closed on the kindness of the sellers attorney knowing that funds he couldn't even access over the weekend, were sitting in escrow. I won't even bore you with the outrageous paperwork required which just kept growing as we gave them more and more documents that they never originally required. So when I hear that banks are offering better rates to guys like him it's just another reason why everything in this world is ****ed up imo Link to comment Share on other sites More sharing options...
CTM Posted July 11, 2014 Share Posted July 11, 2014 Ouch. I always cringe when I hear about people who bought the top of the housing bubble. Truth be told I probably just did too... But like a lot of folks in 2007, with a baby on the way we are sick of renting. I truly think holding onto this place and renting it out will make sense but we'll see how things go. Guys like your landscaper make me want to scream. My mortgage process was nothing short of a colonoscopy. They actually called me for a follow up survey yesterday and wanted to know how it went, the closing experience and would I recommend to a friend. I told them, I work in investment banking and for ten years I have never once seen the Fedwire system break and yet on the day of my closing your system tanked and I couldn't get our funds into escrow. We sat around twiddling our thumbs for five hours and eventually everyone went home figuring that we were not closing that Friday. At 6 pm I got a call from my attorney that the wire was done manually- something they could've done hours earlier- and we only closed on the kindness of the sellers attorney knowing that funds he couldn't even access over the weekend, were sitting in escrow. I won't even bore you with the outrageous paperwork required which just kept growing as we gave them more and more documents that they never originally required. So when I hear that banks are offering better rates to guys like him it's just another reason why everything in this world is ****ed up imo Yeah, it's really surprising me how much harder it is to get a mortgage these days, mine has been going on for 6 weeks with all the back and forth, wish they had those same standards back in the early part of this century when it took almost nothing. Link to comment Share on other sites More sharing options...
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